Economics MPhil

University of Oxford

The MPhil in Economics is designed to provide rigorous training in economic theory, applied economics, and econometric methods. It is comparable to the first two years of a PhD programme at a US university.

The MPhil provides a solid foundation for progressing to doctoral research, while at the same time providing the advanced knowledge and skills required for a career as a professional economist in government or the private sector. Numerous MPhil graduates have gone on to distinguished careers in economics or related fields. This is the course recommended if you have not undertaken any previous graduate work in economics.

The department has developed the MPhil to enable students to easily tailor the course to their specific needs and objectives. For those already intending to progress to a DPhil at Oxford or a PhD elsewhere, the MPhil will offer rigour and exposure to the research frontier. For those intending a career as a professional economist, the MPhil will offer a broad range of options and opportunities for skill development. And for those unsure about further study beyond the masters’ level, the two years of the MPhil programme will allow you to make this choice after learning more about what graduate economic training involves.

The first year of the MPhil in Economics programme starts with a non-examined preparatory course in mathematical methods. The first two terms of the academic year focus on three compulsory courses in the central areas of microeconomics, macroeconomics and econometrics. The three courses are offered on two levels. Most students will take the courses at the core level. However, you can apply to start directly at the advanced level, which is targeted at future DPhil students who already have had ample economics training before starting the MPhil. Students who take the core level courses in the first year can take advanced level courses in the second year. In the third term, you can choose from two entirely new courses in Empirical Research Methods and Further Mathematics Methods. These courses will provide the specialised skills needed for academic or non-academic careers in our data-rich world and the technical tools for research in economics.

In the second year, you will take four option courses. The option courses build on the first-year training and provide deeper and broader training in your areas of interest. You can take advanced-level courses in macroeconomics, microeconomics, econometrics and empirical research methods covering recent developments in theory and analytical techniques. Other option courses are designed to develop knowledge and understanding of theory, empirical techniques and debates within specialist fields of economics. These include behavioural economics, development economics, economic history, financial economics, international trade, labour economics and public economics.

The second important component of the second year is the required thesis, supervised by a member of the department.